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Demand for bungalow plots on the rise!

15 Dec 2022

There’s no doubt that the current younger generation, propelled by the spurt in IT and ITeS sectors and their high-earning jobs, revolutionised the entire approach to property. Their buying habits regarding real estate and other industries have had a massive impact on production and consumption patterns in the country.

The Rising Demand for Plotted Developments

The pandemic was another pivotal factor of change when it comes to real estate. The demand for plots and independent floors has been going up since then. The pandemic changed the norms of working and brought in work-from-home and hybrid modes, which continue to grow in popularity even today. It also highlighted the need for independent spaces, which led to the surge in demand for plots and independent housing. People started looking for spacious accommodations and didn’t mind moving to the suburbs and peripheries of cities and even back to their hometowns or smaller towns.

Recent Consumer Surveys reveal that India’s appetite for plots has been growing at a rapid pace ever since and has resulted in a significant demand rise that today stands almost at par with that for apartments. Interestingly, plotted developments are in demand not just in the suburbs and peripheries of Tier I cities but also in areas of Tier II and Tier III cities. While Gurugram leads the demand in the North, areas like Pune, Hyderabad, Bengaluru, and Chennai have witnessed residential plot values rise by double digits, especially in the past few years.

The Reasons Why Plots are in Demand

Experts believe that plots were always in demand, and the pandemic acted as an aggressor and pushed it. Plotted developments became a sought-after choice for real estate investors and home buyers as land is an appreciating asset class. Another plus is the scope for customisation and expansion of space that comes along with building your home.

The demand is also primarily due to the intrinsic existence of plots to assist owners in sticking to the modern norms of living that have accelerated in popularity recently. Also, plotting projects by reputed developers come with the best of amenities in that ease living. Land also comes with the opportunity for high returns in areas where infrastructure is being developed, which increases prospects of a high RoI.

Things to Keep in Mind when buying plots

The flip side of buying plots a bit away from the city is, of course, the distance from the main city centres. Several offices are opening up and switching to complete work from office modes. At such times, the lack of adjoining infrastructure and a robust public transport system could be a downer.

There are also conditions, such as the number of floors you can add and the proportion of area on which construction is allowed, which might vary across different areas.

Another aspect to focus on is the due diligence required while investing in a plot compared to apartments. Paperwork is extremely critical when buying a plot. Buyers must cross-check the paperwork diligently, including the title deed, release certificate, encumbrance certificate, property tax receipts and local approvals.

Experts, however, point out that many people don’t mind taking a little pain if they get an abode to their liking within their budget, thus highlighting the brighter side of the story. The risks involved come down to the minimum when you buy plots through an established developer in a gated community.

Coming soon… an opportunity for you to win a bungalow plot at thriving locations across Maharashtra, including Khed-Shivapur, Bhugaon and Shrivardhan-Diveagar with Paranjape Schemes. Visit https://www.pscl.in/ to know more!

References:

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